Julie Adams – Managing Partner
Things have become tougher for many small and medium-sized businesses over the past year and many are feeling the pressure.
Whilst most business owners report static or improving sales, many also feel it has become harder to make a profit. Most have a positive outlook and feel optimistic about their SME advantages, but a significant number also believe they have lost ground to larger corporates, which have the means to attract the best talent and invest in efficiency-driving technologies.
This is something they can’t afford to leave unchallenged.
Advice for SME Business Owners
Taking back market share – get ready to compete.
Instead of sitting back and waiting for ongoing economic and political uncertainty to wield yet more damage, SME business owners know they need to focus on improving cash-flow management and forecasting, whilst at the same time investing in their own competitiveness. However, with so many other pressing areas of concern, not least Brexit and its potential impact on the skills base, market demand and trading relationships, prioritising key management decisions has become much more difficult.
This report will address some key themes and provide insights to help SME business owners to take back market share in the year ahead. It will cover:
Our SME Benchmarking initiative aims to capture how business owners at the heart of the UK’s economy feel about what is going on around them and share advice on important issues.
Drawing on qualitative and quantitative research, we have commissioned a survey of 1,000 UK business owners and hosted conversations with a group of SMEs at our Business Panel Event.
The findings have been brought together in a report, to inform and guide small and medium-sized businesses as they pursue growth in uncertain times.
Practical Action Plan
We have also produced a practical action plan showing business owners how to optimise their SME advantages by asking the right questions and seeking expert support.
SME business owners are aware of the advantages their size and agility give them in their target markets, but are they using them to the full to fend off large corporate competition? To help them to compete more effectively and take back market share, advisors at Menzies LLP have compiled the following optimisation tool – see page 14
Menzies in the Media
Following the release of the SME Benchmarking report, our commentary on the state of competition in the UK SME community has been featured across a number of trade and sector press publications. Read more on our report findings via the following: